Question 69

Find the value of the interest earned on a sum of ₹6,000 for 5 years at 8.4% simple interest rate per annum .

Solution

Simple Interest = PRT/100

According to this P= 6000, Rate =8.4%, Time =5

SI = $$\frac{6000\times\ 8.4\times\ 5}{100}$$

SI = $$504\times\ 5$$

SI = $$2520$$

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